Expanded Flexibility for Cafeteria Plans related to COVID-19

Many employees have been forced or have decided to postpone medical procedures in 2020 due to the COVID-19 pandemic. Employees are also experiencing child care uncertainties such as closed daycare centers or cancelled summer child care programs or camps related to COVID-19.

Payroll Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) expenditures – are they subject to single audits?

Many nonprofits have been wondering whether funds received under these programs fall under the scope of Single Audit requirements.

SBA Disaster Loans Greatly Limited

The Small Business Administration dropped its economic injury disaster loan (EIDL) limit from $2 million to $150,000 without notice. There are reports of recent EIDL applicants receiving much less than the amount they qualified for at the time they applied. The program is currently only taking new loan applications for agriculture based businesses.